Real Estate Activity

12 Months Ended

Dec. 31, 2020

At December 31, 2020 and 2019, our real estate investment is comprised of the following:


	December 31,
	2020		2019
Land	$	50,759	$	49,887
Building and improvements	297,644		286,280
Tenant improvements	30,935		49,431
Construction in progress	77,891		84,399
Total cost	457,229		469,997
Less accumulated deprecation	(82,418)		(90,173)
Total real estate, net	374,811		379,824
Property held for sale	2,572		7,966
Total real estate	$	377,383	$	387,790

Our property held for sale consists of land parcels at Mercer Crossing that are currently under contract for sale.

We continues to invest in the development of multifamily properties. During the year ended December 31, 2020, we invested $17,505 related to the construction and development projects.Gain on sale or write-down of assets, net consists of the following:


	For the Year Ended December 31,
	2020		2019		2018
Land(1)	$	25,171	$	14,889	$	17,404
Multifamily(2)	3,702		(80)		154,126
Commercial(3)	4,610		—		—
Other(4)	3,412		383		—
	$	36,895	$	15,192	$	171,530

(1) Includes the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings.

(2) On May 1, 2020, we sold Villager, a 33 unit multifamily property in Fort Walton, Florida for $2,426, resulting in a gain on sale of $960. The sales price was funded by the issuance of a $1,761 note receivable and the assumption of the $665 mortgage note payable on the property (See Note 10 – Mortgages and Other Notes Payable). On July 16, 2020, we sold Farnham Park, a 144 unit multifamily property in Port Arthur, Texas for $13,300, resulting in a gain on the sale of of $2,742. The sales price was funded by cash payment of $4,215 and the assumption of the $9,085 mortgage note payable on the property (See Note 10 – Mortgages and Other Notes Payable).

(3) On September 14, 2020, we sold Bridge View Plaza, a 122,205 square foot retail center in La Crosse, Wisconsin for $5,250, resulting in a gain on sale of $4,610. The proceeds from the sale were used to pay off the $3,375 mortgage note payable on the property (See Note 10 – Mortgages and Other Notes Payable) and for general corporate purposes.

(4) Includes the write-off of development costs.